Slide Insurance Q2 net income nearly doubles on premium growth

Overview

• US homeowners insurer's Q2 gross premiums written rose 16.7% yr/yr, revenue up 47.9%

• Net income for Q2 nearly doubled yr/yr, with combined ratio improving to 57.6%

• Company repurchased nearly 3 mln shares and declared initial quarterly dividend

Outlook

• Slide Insurance expects 2026 gross written premiums between $1.85 bln and $1.95 bln

• Company sees 2026 net income in the range of $455 mln to $470 mln

• Top-line growth expected from sustained organic expansion, especially outside Florida

Result Drivers

• PREMIUM GROWTH - Co said gross premiums written rose due to growth in voluntary new business and renewals of previously acquired Citizens policies

• IMPROVED LOSS EXPERIENCE - Co attributed lower loss ratio and improved combined ratio to better overall loss experience

• OPERATING LEVERAGE - Co said combined ratio improvement was helped by scaling impact in net earned premium growth with more moderate operating expense growth

Company press release: ID:nGNXvLlgS

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the property casualty insurance peer group is "buy"

• Wall Street's median 12-month price target for Slide Insurance Holdings Inc is $24.50, about 17.5% above its July 27 closing price of $20.85

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)